Marston's PLC Trading for the 16-week period to 21 January 2023 (6074N)
January 24 2023 - 1:00AM
UK Regulatory
TIDMMARS
RNS Number : 6074N
Marston's PLC
24 January 2023
24 January 2023
MARSTON'S PLC
("Marston's" or "the Group")
Trading for the 16-week period to 21 January 2023
Marston's PLC issues the following trading update for the
16-week period to 21 January 2023 ahead of the Annual General
Meeting to be held at 10am today.
Sales comparisons are to the same period in FY2020 (including
the 2019/20 festive period), being the last equivalent period of
unrestricted trading before Covid-19 or, for the most recent
trading, the comparison relates to the same period in FY2022.
FY2022 results include the benefit of the temporary reduced rate
for VAT on food and non-alcoholic drinks.
Trading
Like-for-like sales for the 16-week period to 21 January 2023
were +12.9% vs. FY2022, including the impact of the Omicron variant
in December and January last financial year. Like-for-like sales in
the first eight weeks of the 16-week period to 26 November 2022
were +6.8% as previously reported, with encouraging trading
momentum continuing into the festive period. In the following eight
weeks like-for-like sales were +19.2% vs FY2022.
The comparative like-for-like figures vs FY2020 were +4.5% for
the 16-week period. Like-for-like sales in the first eight weeks to
26 November 2022 were +5.0%, as previously reported. In the
following eight weeks like-for-like sales were +4.1% vs FY2020.
For the five key festive days (Christmas Eve, Christmas Day,
Boxing Day, New Year's Eve and New Year's Day), like-for-like sales
were +26% vs FY2022 and +12.9% vs the 2019/20 festive period.
Total retail sales in the Group's managed and franchised pubs
were up 14.0% on last year and up 7.3% vs FY2020. Drink sales have
continued to outperform food sales, once again reinforcing the
steadfast trading resilience of our predominantly community pub
estate.
Energy
The Group's electricity costs are now hedged for the entirety of
FY2023 until the end of September 2023, with no change to earnings
guidance. The Group's gas price is fixed until the end of March
2025 with no additional incremental spend anticipated.
Andrew Andrea, CEO, commented:
"We have continued to see positive sales momentum through the
festive season and into the New Year, with particularly strong
demand on the key Christmas and New Year trading days. Whilst we
still have certain cost challenges to navigate in 2023, we are
well-positioned to continue to progress our strategy and are
encouraged by the level of consumer resilience experienced to date.
The pub clearly remains an affordable treat which is attractive to
consumers, and we continue to see good traction from those sites
within our portfolio which have been converted to our Signature
format.
Marston's pub estate is well-invested, and our geography and
proposition lends itself to benefit from underlying consumer
trends. Whilst still early in the New Year, trading momentum
continues to build, and our primary focus remains to meet our
strategic goals of achieving GBP1 billion sales and reducing our
debt to below GBP1 billion with all the subsequent benefits that
both of those milestones will bring to our shareholders."
Forthcoming Events
Please find below the forthcoming reporting dates for Marston's,
which are also available on the investor calendar on our website -
www.marstonspubs.co.uk/investors
2023 Interim results 16 May 2023
ENQUIRIES:
Marston's PL Tel: 01902 329516 Instinctif Partners Tel: 020 7457 2010/2005
Andrew Andrea, Chief Executive Officer Justine Warren
Hayleigh Lupino, Chief Financial Officer Matthew Smallwood
NOTES TO EDITORS
-- Marston's is a leading pub operator with a 40% holding in
Carlsberg Marston's Brewing Company
-- It operates an estate of 1,468 pubs situated nationally,
comprising managed, franchised and leased pubs
-- Marston's employs around 12,000 people
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